Been reading about that. Supposedly 90% of the retirees will be wiped out.

The current plan (for now rejected by creditors) means a 90% loss for muni-worker retirees, 81% loss for unsecured creditors, and a 75% loss for secured creditors

...

So far, the city has an agreement to pay some secured creditors 75 cents on the dollar on nearly $340 million in debt. In exchange, the city would get back $11 million a month in tax revenue from the city's three casinos originally used as collateral to back the debt. But negotiations with unsecured creditors who were offered about $2 billion to cover $11 billion in debt remain stalled.

...

Municipal-worker retirees are set to get less than 10% of what they are owed under the plan.